The Cigna Group has reported a profit of $1.4 billion and revenue of $49 billion for the third quarter of this year. While the profit is half of what was reported in the same period last year, the revenue increased by approximately $4 billion. This brings the total revenue for the year to $144.2 billion and total profit to $4.1 billion. Chairman and CEO David Cordani attributed this performance to the company’s clinical expertise, service capabilities, and disciplined execution in meeting the evolving needs of their customers.
Cigna experienced growth in both their pharmacy and medical customers, with a 5% increase in pharmacy customers and a 9% increase in medical customers compared to the end of last year. The growth was driven by an increase in U.S. Commercial fee-based customers, as well as in Individual and Medicare Advantage customers. Subsidiary Evernorth also performed well, with adjusted revenues increasing by 8% and adjusted income from operations increasing by 6% compared to the third quarter of 2022. Cigna Healthcare, which includes various businesses, saw a 14% increase in revenues, driven by customer growth and premium rate increases.
Looking ahead, Cigna expects adjusted revenues of at least $192 billion for 2023 and consolidated adjusted income from operations of at least $7.36 billion for the full year. The company’s rebranding initiative, announced in February, has resulted in Cigna Group, Cigna Healthcare, and Evernorth Health Services becoming distinct brands within the company. Additionally, Cigna has been making efforts to simplify the healthcare experience by removing prior authorization requirements for medical services. However, the company recently agreed to pay $172 million to resolve allegations of submitting false Medicare Advantage diagnostic codes.
